Justice Served Up Daily

Michael Douglas

Justice Served Up September 26 2013

English: Category:JPMorgan Chase

English: Category:JPMorgan Chase (Photo credit: Wikipedia)

Here is what we are reading today:

JP Morgan In Mortgage Settlement Talks That Could Mean Fine of $11 billion (Bloomberg) - JPMorgan Chase & Co.’s negotiations with federal and state authorities to resolve a series of investigations tied to mortgage bonds is focusing on a potential $11 billion figure, including $4 billion for consumer relief, a person familiar with the talks said.

Madoff's Screw Sculputure Kept From Trial Proceedings (Bloomberg) - Prosecutors at the trial of five ex-employees of Bernard L. Madoff were barred from telling jurors about a sculpture of a screw their boss kept in his office after defense lawyers said the evidence would be crude.

In SEC Settlement with JP Morgan On London Whale Trade, Missed Opportunity To Charge Execs (DealBooK) - The S.E.C. wrung an admission of wrongdoing out of the bank, and the regulators scored a large settlement. It’s an improvement for a regulator to display the ferocity of a mealworm, rather than a banana slug, but let’s hold the celebrations until it reaches at least the level of a garter snake.  The admission was nice, but the S.E.C. did not charge any top executives with misleading disclosure. Why not?

ICAP To Pay $87 Million Fine in Libor Case (DealBook) - American and British authorities moved a step further on Wednesday in their investigation into the manipulation of the benchmark interest rate known as Libor, fining the British financial firm ICAP a combined $87 million for its role.  The regulators said on Wednesday that ICAP’s employees had altered the reported figures from which Libor is compiled, in exchange for promises of curry meals, steaks, a Ferrari and financial payments.

Ex West Virginia Mine Boss Say He Was Scapegoat (SF Chronicle) - A former superintendent in prison for his actions at the Upper Big Branch mine says his lawyer was ineffective, had conflicts of interest and made him a scapegoat for the 2010 disaster that killed 29 coal miners to help protect former Massey Energy executives from prosecution.  Gary May has asked a judge to set aside or change the 21-month sentence he's now serving at the Federal Correctional Institution at Morgantown. U.S. Magistrate Clarke VanDervort hadn't scheduled a hearing as of Tuesday afternoon.

Michael Douglas Slams Bureau of Prisons (Contact Music) - Michael Douglas focussed on his family when giving his acceptance speech at the Emmys. The 68-year-old actor won the award for Outstanding Lead Actor in a Miniseries or a Movie in L.A. on Sunday 22nd September. Not only did he mention his estranged wife Catherine Zeta Jones; but he referenced his imprisoned son Cameron.

Oregon Man Pleads Guilty To Fraud In Deadly Helicopter Crash (Washington Post) - An Oregon man has pleaded guilty to fraud in connection with the deadliest helicopter crash involving working firefighters in U.S. history.  Levi Phillips, 46, of Grants Pass faces up to 20 years in prison when he is sentenced in April. As part of a plea deal, he agreed to testify against another man, 42-year-old Steven Metheny of Central Point.

The Case Of The Honey Launderers (Business Week) - Excellent case study on fraud involving the control of our food in the U.S.  Two young execs in Chicago were hung out to dry by the German company they worked for .... moving illegal honey into the U.S.

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Justice Served Up February 28, 2012

How Brits View our Justice System - Chris Tappin (65), a retired U.K. citizen, was escorted to the United States over the weekend to stand trial for his role in exporting military-grade batteries to Iran.  He was caught in a fictitious company sting operated by U.S. Immigration officials.  The U.K. is in an uproar over Tappin's extradition to face trial in El Paso, TX.  This is going to be an interesting story that I'll be covering in Forbes.

Federal Prisoners Soon To Be Allowed To Have MP-3 Players - Many federal prisoners have small radios, Walkman, which is primarily used to watch television.  There are multiple televisions in a large viewing room and each television transmits a low-grade signal to the local viewing audience/inmate.  It makes for civil discourse by not fighting over volume to view a show.  Now the Bureau of Prisons is considering a policy of allowing inmates to have their own MP3 players with music they download on a local computer at the prison.  The BOP says that it will not cost the tax payers any money....meaning that inmates will foot the bill for the device and the music they buy.  Some company is making money off of this, so don't think this is being done for the benefit of inmates.  A BOP spokesman said it will help inmates overcome "stress and boredom."

Allen Stanford Defense Team Rests - The trial of Allen Stanford came to a close yesterday when the defense team rested its case without calling its promised, star witness....Mr. Stanford.  Many defense attorneys claim that they will put their client on the stand but in the end claim that since the prosecution presented such a weak case that it was not necessary.  Closing arguments are set for Wednesday and the jury could get the case by the end of the week.

Michael Douglas in Wall Street III - In a short public service announcement, Michael Douglas (aka Gordon Gekko), encourages people who have knowledge of insider trading activity to step forward.  The FBI was behind the ad and did not pay Douglas for the appearance.  The commercial is part of the latest move by prosecutors to step up enforcement of securities laws that have led to 64 people being arrested in cases brought in the Southern District of NY (Operation Perfect Hedge).  In related news, the FBI says that it has a five-year backlog on investigations on insider trading as a result of the cases they have brought to date.  More sleepless nights for some hedge fund managers!

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